Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

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Thematic (Sector/Industry)

<ul><li>Chinese regulators are pressing banks to step up lending and ease financing for developers as part of efforts to boost the ailing property sector.</li><li>At a meeting with China’s most important financial institutions last Friday, regulators brought up three new requirements for banks’ real estate loans to developers and homebuyers, people from several state-owned large banks attending the meeting told Caixin.</li><li>The banks were told to keep their real estate loan growth at a level no lower than the banking sector’s average real estate loan growth, loan growth to non-state-owned developers no lower than each bank’s real estate loan growth, and mortgage growth to individuals buying housing from non-state-owned developers no lower than each bank’s mortgage growth, the people said.</li></ul>

Chinese regulators are pressing banks to step up lending and ease financing for developers as part of efforts to boost the ailing property sector.At a meeting with China’s most important financial institutions last Friday, regulators brought up three new requirements for banks’ real estate loans to developers and homebuyers, people from several state-owned large banks attending the meeting told Caixin.The banks were told to keep their real estate loan growth at a level no lower than the banking sector’s average real estate loan growth, loan growth to non-state-owned developers no lower than each bank’s real estate loan growth, and mortgage growth to individuals buying housing from non-state-owned developers no lower than each bank’s mortgage growth, the people said.

China Drafts List of Developers Eligible for Funding, Asks Banks to Boost Real Estate Lending 

Macroeconomics

<ul><li>China’s housing sales continued to slide in October, a traditionally peak month for the real estate sector, showing that recent supportive government policies failed to boost the ailing property market.</li><li>Commercial housing sales by area in October declined 28.4% from September to 77.73 million square meters, according to data released Wednesday by the National Bureau of Statistics (NBS).</li><li>September and October are usually two months of upbeat property sales and are known as “Golden September and Silver October.</li></ul>

China’s housing sales continued to slide in October, a traditionally peak month for the real estate sector, showing that recent supportive government policies failed to boost the ailing property market.Commercial housing sales by area in October declined 28.4% from September to 77.73 million square meters, according to data released Wednesday by the National Bureau of Statistics (NBS).September and October are usually two months of upbeat property sales and are known as “Golden September and Silver October.

China Housing Market’s ‘Silver October’ Tarnishes 

<ul><li>Investment in Chinese real estate contracted 9.1% in the first nine months of 2023 from a year earlier, official data showed Wednesday, a bigger drop than in the first eight months of the year.</li><li>The decline means developers are spending less buying land and building housing. Construction starts measured by floor area fell 23.4% year-on-year, and total ongoing construction area dropped 7.1%, according to data released by the National Bureau of Statistics (NBS).</li><li>The declines reflect developers’ lack of confidence amid a prolonged crisis in the sector. Property sales by floor area decreased 7.5% in January-September from a year earlier, compared with a 7.1% contraction in the first eight months.</li></ul>

Investment in Chinese real estate contracted 9.1% in the first nine months of 2023 from a year earlier, official data showed Wednesday, a bigger drop than in the first eight months of the year.The decline means developers are spending less buying land and building housing. Construction starts measured by floor area fell 23.4% year-on-year, and total ongoing construction area dropped 7.1%, according to data released by the National Bureau of Statistics (NBS).The declines reflect developers’ lack of confidence amid a prolonged crisis in the sector. Property sales by floor area decreased 7.5% in January-September from a year earlier, compared with a 7.1% contraction in the first eight months.

Investment in Chinese Real Estate Dropped 9.1% in First Three Quarters

Cross Asset Strategy

<ul><li>Real estate sales in China increased in September from the previous month following efforts by some of the country’s biggest cities to spur homebuying.</li><li>Last month, new property sales by China’s 100 largest developers grew 17.9% from August to 404.3 billion yuan ($55.4 billion), following two straight month-on-month declines, according to data provided Saturday by consultancy China Real Estate Information Corp. (CRIC). </li><li>More than 60% of the developers reported month-on-month sales increases in September, with 29 registering jumps of more than 30%, the data showed.</li></ul>

Real estate sales in China increased in September from the previous month following efforts by some of the country’s biggest cities to spur homebuying.Last month, new property sales by China’s 100 largest developers grew 17.9% from August to 404.3 billion yuan ($55.4 billion), following two straight month-on-month declines, according to data provided Saturday by consultancy China Real Estate Information Corp. (CRIC). More than 60% of the developers reported month-on-month sales increases in September, with 29 registering jumps of more than 30%, the data showed.

China’s Real Estate Market Gets Some Relief in September on Policy Changes

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Credit

<ul><li>LNGFORs dropped 20pts over the past 3 weeks, due mainly to the collateral damage of the sharp downturn of COGARDs.</li><li>As we discussed in our comments on 15 Aug’23, Longfor is facing a very different situation than what COGARD is.</li><li>We have been arguing that survivors of the sectors will be those 1) with manageable near-term maturities, especially offshore maturities; 2) a matured portfolio of investment properties (IPs) such that the unencumbered value of IPs can be monetized or collateralized to obtain operating loans, CMBS or issue CBICL-guaranteed bonds. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

LNGFORs dropped 20pts over the past 3 weeks, due mainly to the collateral damage of the sharp downturn of COGARDs.As we discussed in our comments on 15 Aug’23, Longfor is facing a very different situation than what COGARD is.We have been arguing that survivors of the sectors will be those 1) with manageable near-term maturities, especially offshore maturities; 2) a matured portfolio of investment properties (IPs) such that the unencumbered value of IPs can be monetized or collateralized to obtain operating loans, CMBS or issue CBICL-guaranteed bonds. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China

Longfor Properties Co. Ltd. operates in the property development, property investment and property management businesses in China.

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Longfor Properties (960 HK)

China Drafts List of Developers Eligible for Funding, Asks Banks to Boost Real Estate Lending

Chinese regulators are pressing banks to step up lending and ease financing for developers as part of efforts to boost the ailing property...

Caixin Global

China Housing Market’s ‘Silver October’ Tarnishes

China’s housing sales continued to slide in October, a traditionally peak month for the real estate sector, showing that recent supportive...

Caixin Global

Investment in Chinese Real Estate Dropped 9.1% in First Three Quarters

Investment in Chinese real estate contracted 9.1% in the first nine months of 2023 from a year earlier, official data showed Wednesday, a bigger...

Caixin Global

China’s Real Estate Market Gets Some Relief in September on Policy Changes

Real estate sales in China increased in September from the previous month following efforts by some of the country’s biggest cities to spur...

Caixin Global

Longfor: How Longfor is different?

We have been arguing that survivors of the sectors will be those 1) with manageable near-term maturities, especially offshore maturities; 2) a...

CMB International

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